WWE cutting budget across the board to soften losses

PWTorch.com is reporting that WWE also gave the pink slip to one of its creative writers, Jay Gibson, this past weekend.

Gibson made his name by being one of the main writers on The Young and the Restless soap opera, writing 178 episodes between 2008 and 2012. He was also the storyboard artist for The Thin Red Line movie back in 1998.

Gibson joins the 11 other WWE Superstars who were released on Thursday as part of cost-cutting measures.

Meanwhile, another website SEScoops.com is also reporting that NXT is the next one in line for budget cuts. With WWE expected to lose millions of dollars this year, the company is cutting costs across the board and the much-loved NXT brand will have its production budget cut. Many under developmental contracts are also expected to be released.